Chainlink Price Drops 32% Amid Market Bearish Pressure
The Chainlink price experienced significant bearish pressure, dropping to $17 for the first time since late November 2024. This decline occurred amidst a general downturn in the crypto market, with Bitcoin falling to $92,000 due to concerns over US trade tariffs.
Key Points
- Chainlink's value decreased by 32% at the beginning of the week.
- As of now, the LINK token has recovered above $18 but declined by 1.4% in the last 24 hours.
- A crucial resistance level is identified at $23.78, based on cost-basis analysis from approximately 96,760 investors who purchased around 110.43 million tokens in the $20.96 - $26.25 range.
- This level may pose significant selling pressure, potentially hindering further price increases.
- A successful move above $23.78 could indicate the start of a new bull rally for Chainlink.
